In-House Billing VS. Outsourced Lab Billing Services: Which Is Best For You?
Today’s diagnostic environment is fast-paced and demands efficient workflows to prepare all patient samples and data. Laboratories are faced with the critical assignment to ensure they have accurate test results for patients and to capture all Current Procedural Terminology (CPT) codes for services and procedures rendered. At Synapse, we provide a digital solution to lab revenue cycle management (RCM) through a comprehensive and agile laboratory billing system that tracks all test orders and issued invoices. In turn, your collections are promptly handled and revenue is maximized.
Differences Between In-House and Outsourced Laboratory Billing
Determining the type of billing you should choose is a hotly debated subject among physician meetings. Thankfully, the discourse around choosing outsourced lab billing systems has been favorable due to their overall efficiency, accuracy, and high-quality service which helps the practice grow. To give you clarity on the subject, let’s look at the key features of both billing systems, starting with in-house laboratory billing.
In-House Laboratory Billing
Billing in-house provides medical labs with direct control and full transparency over every stage of their laboratory billing process. They can integrate their billing software with Laboratory Information Systems (LIS), automating every administrative task that lessens errors. If you have any concerns with the claims or you wish to clarify the services rendered, the billing staff is on the premises and readily available. Below are a few notable benefits of in-house billing.
- Having local knowledge: On-site billing staff have a good understanding of the local market and community, contacting local employers who are changing insurance carriers and taking appropriate actions can be taken on behalf of a patient and your practice.
- Building better relationships: Being a part of the office team, the in-house billing staff can connect easily with vital members of your staff, such as front desk personnel and dental assistants. Their work relationship can pave the way for obtaining better information and being more receptive to positive and constructive feedback.
Ultimately, they can immediately access patient charts and other practice documents without involving any other staff members. However, there are concerns present in having an in-house billing staff, such as huge losses due to billing staff turnover and poorly trained or performing staff members. Easy access to physicians, charts, and other data can lead to compliance issues as well.
Outsourced Laboratory Billing Services
Meanwhile, some laboratories prefer to focus on the diagnostics aspects rather than investing in their own laboratory billing department. Third-party lab billing services are backed up by a team of highly experienced staff members who intimately understand medical billing codes, regulations, and compliance requirements. They offer lab billing software that can integrate with in-house laboratory information systems, equipping you with training on how to use the billing software and work with the outsourced billing team. Below are the advantages of outsourcing lab billing.
- Linking with seasoned experts: There is a reservoir of specialized knowledge when you partner with third-party lab billing services. This allows you to navigate the puzzling labyrinth of the RCM cycle with guidance from personnel with over a decade of experience and relevant educational backgrounds in lab billing.
- Cost-effective alternative: Outsourcing lab billing eliminates the need to hire and train staff, invest in billing software, and maintain infrastructure, which is ideal for smaller medical labs and start-ups.
Prioritizes standardization and compliance: Navigating through an extensive array of regulations, from the Health Insurance Portability and Accountability Act (HIPAA) to the Affordable Care Act (ACA) must be coupled with a deep understanding of their nuances, frequent updates, and the ability to implement changes swiftly to remain compliant – all of which are present with an outsourced lab billing partner.
Which Is Best For You?
Elevate your laboratory’s potential and streamline your billing process with Synapse. Imagine a future where your lab’s strategic goals align seamlessly with your operational needs. Whether it’s adopting cutting-edge in-house laboratory billing software or leveraging the expertise of specialized services, Synapse has the solution tailored for you.
Larger labs, grappling with substantial patient data and complex billing requirements, will find our in-house solutions a perfect fit. Synapse offers robust features, unmatched flexibility, and the depth necessary to handle large-scale operations effortlessly. For smaller labs, focusing on core activities is key. Outsource your lab RCM needs to us and bypass the hassle of managing an intricate billing system.
Our solutions are designed with patient-centricity, real-time responsiveness, and strategic value at their core. This ensures not just control and expertise in your hands but also a streamlined infrastructure that works for you.
Curious to explore how Synapse can revolutionize your RCM cycle? Connect with our team for a personalized consultation at medicalsales@synapselabbilling.com.
At Synapse, we’re not just providers; we’re pioneers in simplifying the billing process, allowing you to concentrate on delivering top-notch test services. Our promise? Accuracy, efficiency, and transparency in every aspect of your practice. Take the first step towards transforming your RCM experience with Synapse. Reach out to a Synapse expert today and see the difference for yourself!
At Synapse, we’re thought leaders in easing the billing process so you can focus on providing your test services. With our billing solution, we ensure accuracy, efficiency, and transparency at all times in your practice. Get started on revolutionizing your RCM with a Synapse expert. Contact us today!